Post by : Meena
Hassan
Shapewear brand Skims, launched by Kim Kardashian, has announced a $5 billion (£2.93bn) valuation following a successful $225 million funding round. This significant investment, which included participation from Goldman Sachs, is one of the largest for a U.S. consumer brand this year.
With this new capital, Skims aims to broaden its global presence and enhance its retail strategy, focusing on opening more physical stores in the near future.
"We are excited to elevate Skims to new heights while continuing to innovate and redefine our industry standards," Kardashian stated on Wednesday.
Since its launch in 2019 with a line of shapewear, Skims has ventured into loungewear and other fashion lines. Currently, the brand operates 18 locations across the United States and offers products globally through various retail partnerships.
Anticipating sales to exceed $1 billion this year, Skims CEO Jens Grede expressed confidence in the firm's long-term growth strategy.
The brand has also stepped into the competitive sports and athleisure markets, challenging major players like Lululemon and Alo Yoga while utilizing a strong influencer marketing strategy featuring figures such as the Kardashians, Megan Fox, and Paris Hilton.
Since inception, Skims has encountered some challenges, notably rebranding from its original name, Kimono Intimates, due to cultural sensitivity issues. Some products, including a head wrap meant for facial contouring during sleep, have sparked mixed reactions—garnering both acclaim for creativity and criticism for promoting unrealistic beauty ideals.
This latest funding positions Skims for global growth, increased retail presence, and ahead of the curve in fashion and shapewear innovation, as it seeks to remain competitive in a crowded marketplace.
English
